? ? ? ? ? ? ? ? ? Topic 1 ?Amazon’s Empire
The former bookseller accounts for more than half of every new dollar spent on line in U.S.
? 在美國喂窟，網上每消費一美元颂郎，這個前書商就占據(jù)了超過一半的份額蔼囊。
Since the beginning of 2015, its share price has jumped by 173%, seven times quicker than in the two previous years.(and 12 times faster than the S&P 500 Index)
? 自從2015年初，它的股價就漲了173%，比前兩年快了七倍。(比標準普爾500指數(shù)快了12倍)
With a market capitalization of some 400bn, it is the fifth most valuable firm in the world.
? 擁有著大約4000億美元的市值，亞馬遜是世界上第五大最有價值的公司粗仓。
Never before has a company been worth so much for so long while making so little money: 92% of its value is due to profits expected after 2020.
? 以前從沒有一個公司長時間這么有價值卻不賺多少錢:它的92%的價值是源于2020年后預期的盈利。
Walmart already has revenues nudging 500bn and is beefing up online.
? 沃爾瑪?shù)挠咏?000億美元博秫，正在加強網絡業(yè)務潦牛。
Last year cash-flow (before investment) was $16bn, more than quadruple the level five years ago.
? 去年的現(xiàn)金流(投資前)為160億美元，比五年前的四倍還多挡育。
If it makes as much money as investors hope, a rough calculation suggests its earnings could be worth the equivalent of 25% of the combined profits of listed Western retail and media firms.
如果它賺的錢與投資者的期望一樣多，一個粗略計算認為它所賺的錢等同于列舉的西方零售商和媒體公司的盈利總和的25%朴爬。
Ground for skepticism does not come much more fertile than this: Amazon will have to grow faster than almost any big company in modern history to justify its valuation.
懷疑的土壤從沒有像現(xiàn)在這樣肥沃:亞馬遜必須發(fā)展地比現(xiàn)代歷史中的幾乎所有的大公司還要快即寒，來證明它的估值。
In an era when executives routinely whinge about pressure to produce short-term results, Amazon is resolutely focused on the distant horizon.
當高層慣常地抱怨創(chuàng)造短期成果的壓力的時候，亞馬遜果斷地專注在遙遠的未來母赵。
Mr. Bezos emphasizes continual investment to propel its two principal businesses.
? 貝索斯先生重視不斷的投資來推動其首要兩個業(yè)務逸爵。
A third virtuous circle is starting to whirl around Alexa, the firm’s voice-activated assistant:
第三個良性循環(huán)開始席卷該公司的語音助手Alexa。
So long as shareholders retain their faith in this model, Amazon’s heady valuation resembles a self-fulfilling prophecy.
? 只要股東對這個模式保持信心凹嘲，亞馬遜令人興奮的估值將是一個自我驗證的預期师倔。
Their faith is sustained by Amazon’s record.
? 他們的信心受到亞馬遜業(yè)績的支撐。
It has had its failures—its attempt to make a smart-phone was a debacle. But the business is starting to crank out cash.
? 它也有過失敗——生產智能手機的嘗試就是個慘敗周蹭。但這個業(yè)務正開始盈利趋艘。
If Amazon’s approach to time-frames is unusual, so too is the sheer breadth of its activities.
如果亞馬遜對時限的態(tài)度是不正常的，那么對它的業(yè)務的廣度也是這樣凶朗。
A wingspan this large is more reminiscent of a conglomerate than a retailer, which makes Amazon’s share price seem even more bloated: stock markets typically apply a “conglomerate discount” to reflect their in- efficiencies.
如此廣的范圍更像是個企業(yè)集團而不是零售商瓷胧，這讓亞馬遜的股價看起來甚至更膨脹:股市通常會打一個“企業(yè)集團折扣”來反映它們的低效。
Seen through this lens, Amazon appears pristine.
從這一方面看棚愤，亞馬遜似乎很原始搓萧。
Consumers applaud it; it is the most well-regarded company in America, according to a Harris poll.
? 消費者稱贊這個公司。根據(jù)哈里斯名義調查宛畦，它是美國最受推崇的公司瘸洛。
If it gets anywhere close to fulfilling them, it will attract the attention of regulators.
如果它快要實現(xiàn)它們了，將會吸引管理者的注意次和。
But as it grows, so will concerns about its power.
但是隨著它的成長反肋，關于它的權力的擔憂也隨之而來。
Investors value Amazon’s growth over pro-fits; that makes predatory pricing more tempting.
? 投資者看中亞馬遜盈利的增長斯够，這使得掠奪性要價更具吸引力囚玫。
